Hunt Cos., a diversified investment firm based in El Paso, Texas, has successfully acquired a majority stake in the Atlanta-based development firm Carter.
This strategic move comes after the two companies collaborated on several projects, including the DeSota apartments in Sarasota, Florida, in 2017.
The acquisition involved buying out Bob Peterson, Carter’s longstanding CEO, who is retiring as part of the deal.
Scott Taylor, a seasoned executive with over 20 years at Carter who has also been acting as CEO, will assume control of the day-to-day operations.
Financial specifics regarding the size of Hunt’s stake and the transaction amount were not disclosed by either party involved.
Peterson expressed confidence in the acquisition, noting that Hunt’s resources will enhance their ability to undertake larger mixed-use developments, stating, “We’re a small entrepreneurial company able to do large deals, and this will give us even more of an ability to do mixed-use projects and projects that take a while to come to fruition.”
After the completion of the deal, Peterson will no longer hold any stake in Carter and will transition completely out of the company.
A spokesperson for Hunt Cos. declined to share any financial details related to the acquisition.
In a statement, Hunt President Ryan McCrory highlighted Carter’s extensive experience and successful track record in real estate development, affirming that the two firms are poised to accelerate growth together while maintaining their commitment to quality and sustainability.
Currently, Hunt and Carter are collaborating on a significant 22-acre mixed-use project named Lake Wire in Lakeland, Florida, which broke ground in February 2023.
This ambitious project will feature 630 multifamily units along with 30,000 square feet of retail space.
The first building in this development, a luxury apartment complex called Prospect Lake Wire, is expected to open in late 2024.
Throughout his tenure, Peterson has played a pivotal role in guiding Carter’s investments, which have totaled approximately $1.5 billion in various sectors, including multifamily and mixed-use projects.
Under his leadership, Carter also launched two nontraded REITs that successfully invested $3.5 billion in healthcare and data center assets across the United States.
Carter currently manages a robust active development portfolio exceeding $1 billion across the Southeastern U.S.
Despite stepping down, Peterson indicated that he will remain involved in a limited capacity, expressing his intention to occasionally check in on his former colleagues, remarking, “After being there for 23 or 24 years, I’ll hang around to the point where I hope I’m not annoying anybody, but I’ll be around occasionally.”
He reassured that with Scott Taylor assuming leadership, the firm is in capable hands, adding, “Let’s just say, they don’t need me with Scott Taylor’s leadership, they don’t need me.”
Hunt Cos.’ acquisition of Carter marks a significant milestone that promises to enhance both companies’ strengths in real estate and development, paving the way for future growth and success.
image source from：bisnow
